A corporation had 50,000 shares of $20 par value common stock outstanding on July 1. Later that day the board of directors declared a 10% stock dividend when the market value of each share was $28. The entry to record this dividend is:

Select one: a. Debit Stock Dividends $140,000; credit Cash $140,000. b. No entry is made until the stock is issued. c. Debit Stock Dividends $140,000; credit Common Stock Dividend Distributable $100,000; credit Paid-In Capital in Excess of Par Value, Common Stock $40,000. d. Debit Stock Dividends $140,000; credit Common Stock Dividend Distributable $140,000

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